Kaloti Jewellery Group yesterday started building work on what is to be the world’s largest gold refinery.
The state-of-the-art plant will cover 15,000 square metres at the heart of the Dubai Multi Commodities Centre (DMCC) and cost US$60 million. The facility will have the capacity to refine as much as 1,400 tonnes of gold and 600 tonnes of silver per year as well as other precious metals. The refinery will also produce gold bars as well as jewellery and semi-finished precious metals products.
Work on the plant is expected to be finished in the first half of 2015.
“The construction of our new refinery is part of the company’s overall strategy to expand its capacity up to 2,000 tonnes,” said Munir Kaloti, the chairman of the Kaloti Group. “It is an imperative development in the company’s global growth and institutionalisation scheme and will form the basis of our expansion for the next generation.”
The new refinery will incorporate the most advanced technologies, including the gold and silver electrolysis refining methods, and will feature two laboratories for advanced assaying of gold and silver and other metals. It will also be the first refinery to implement green building standards, stipulated by Dubai Municipality with regard to the environment, fire and life safety, security and risk assessment and management.
“Kaloti’s new facility is a real investment into the long-term future and sustainability of Dubai’s gold trade and in line with DMCC’s continuous drive to enhance the flow of commodities trade through the Emirate,” said Ahmed bin Sulayem, executive chairman of the DMCC.
Kaloti has appointed United Engineering Construction as contractor.
lgutcher@thenational.ae
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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How to avoid crypto fraud
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Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice.
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Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
What is a robo-adviser?
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